[photopress:realestate_taxes.jpg,full,alignright]Property tax is moving ahead in China, it will happen. The State Administration of Taxation (SAT) and the Ministry of Finance have recently approved a new batch of four regions: namely Anhui, Henan, Fujian and Tianjin, to become pilot areas for simulated operation, taking the total to ten municipalities, provinces and autonomous regions.
According to an official with the SAT, the country is now carrying out studies on real estate reform and implementation of property tax, and the simulated pilot operation is aimed at accumulating experience for imposition of property tax.
It is speculated the property tax will be introduced in 2008 and the basic framework has been worked out.
It is expected to unify the current housing property tax, city real estate tax, land VAT (value-added tax) and land leasing fees into a single property tax.
Source: Shenzhen Daily